Case No. SDNT-734

Date issued: Jul. 18 2008

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TURBOFAC Commentary (1302 words)

Notes:

1) BACKGROUND

This guidance letter is notable as one of the few applications of the blocking prohibition to a tricky trust-related set of facts.

The relevant factual background, of which some is relayed by OFAC but other aspects are found in the court filings in the litigation associated with the guidance letter, is as follows: in October, 1999, Abdala Luis Saieh Jassir established a trust fund, with himself as Settlor and “First Union Bank and Trust Company (Cayman) LTD,” a Cayman Islands entity, acting as trustee (see p. 40, native PDF file). The Trust (called JAMCE Trust) was a revocable trust, set so that “upon the death of the Settlor, the Trustee…shall distribute the undisposed part of the Trust Fund to the Settlor’s children in equal shares…” (P. 41, 58). The Trust Deed called for the Trustee to incorporate a Cayman Islands company...